Australia did lose 4 wickets but they won't be too unhappy with the scorecard. I reckon they have enough runs on the board and another 30-50 runs from here are bonus.
Indians can only think about damage control and chasing the match, although today they did a fair job and didn't let Australia run away. Job is still not finished tho and they need to wrap up the tail otherwise it would hurt them badly.
Day 2, By the end of session 1 Australia have scored 422/7. The tail end is building good partnership, Alex Carey have scored 22* runs and we can expect the innings of Australia to end around 500 runs. Even at this situation Australia is the favourite as the winning probability of India is just 12% which clearly shows that India should try hard to develop partnership. Today India will start the innings and it needs the focus should be much on standing wickets not on scoring big runs.